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我国的股权激励始于股权分置改革。2005年《中华人民共和国公司法》和《中华人民共和国证券法》对股权激励虽有规定,但我国的股权激励总体上表现出“以规章主导改革”的制度供给模式。此种模式不仅影响到法制的统一性及协调发展,而且对统一的资本市场实践无益。因此,应通过立法创新、完善公司法和证券法的相应规定、制订股权激励单行条例等来重构我国股权激励的法律制度,使股权激励的负效应减至最低,实现效率最大化与公平价值的双赢。
The equity incentive in our country starts from the split share structure reform. Although the Company Law of the People’s Republic of China and the Securities Law of the People’s Republic of China stipulate the equity incentive in 2005, the equity incentive in our country generally shows the mode of supply of “regulation-led reform”. Such a model not only affects the uniformity and coordinated development of the legal system, but also does not help the unified capital market. Therefore, we should reconstruct the legal system of equity incentive in our country through legislation innovation, perfecting the corresponding provisions of company law and securities law, and formulating the rules of individual stock incentive bill to minimize the negative effect of equity incentive and maximize the efficiency and fair value Win-win.